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No rest for thriving Norfolk property market during summer break

Properties with Sowerbys continue to achieve more than asking price.

The property market in Norfolk didn’t take its historic summer break, with homes sold by Sowerbys continuing to achieve more than asking price.

On average homes achieved 2% above asking price in the August month.

National data released by HMRC shows residential transactions in August were up 20.8% compared to the same month last year.

While a lull is usually expected during the summer month. This was not the case this year: there was a 32% increase in sales nationally in August from July.

Additionally, the market was predicted to slow in this period due to the end of a stamp duty holiday introduced by the Government as part of measures to support the economy through the pandemic.

The data indicates this has also not been the case.

Will Lightfoot, Sowerbys Sales Director, said: “Typically we expect to see a lull in the market in the month of August – when many people take holidays – but this has not proven to be the case this year.

“We predicted the market to slow with the end of the stamp duty holiday too. Again, we have seen the opposite happen.

“This could be because of lack of supply of new properties still coming to the market.

“In Norfolk we have still seen huge demand from applicants looking purchase a property either already from Norfolk or relocating here in search of a better way of life and more space.

“Looking ahead we don’t expect this trend to change between now and the end of the year and even looking ahead to 2022.”

With demand outweighing supply now is an excellent time to book a valuation.

For more information call a member of the Sowerbys team at your local branch.